11. Subject dailybusinessreviewarticle
From JeffreyBrown
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Sent Monday, August 02, 2010 7:38 AM
JeffreyBrownandAdamRosenblatt:The GreatEscape
Pairboltfrombigbankto be ‘more entrepreneurial’
August02, 2010 By:PaolaIuspa-Abbott
JeffreyBrownandAdamRosenblatt
The foreclosure crisisthatnearlybroughtdownthe nation’sfinancial systemalsohelpedcutshortthe
careersof JeffreyBrownandAdamRosenblattatChase Home Mortgage, a part of financial services
giantJPMorganChase.
Until the creditmarketsfroze in2008, the executiveswere busyprovidingloanstobuyersof condosin
buildingssproutingupacrossMiami. Biglenderslike Chase quicklystoppedfundingthose deals,which
theyconsideredtoorisky.
Ratherthanwaitfor theircareerstobecome a victimof the crisis, Brownand Rosenblattjumpedfrom
one of the world’slargestfinancial institutionstoalittle knowncompanywillingtomake loanstobuyers
of new condosfromMiami to WestPalmBeach.
InNovember2009, the pairwere recruitedbyPreferredTrustHome Loans, a new businessbeing
launchedbyformerCountrywide Financial executiveCharlesRogers.RogersleftCountrywide afterBank
of Americatookoverthe troubledlenderin2008.
PreferredTrustoriginates, processesandunderwritesloansfromaFortLauderdale office.
Brown, 43, and Rosenblatt, 31, headthe firm’sdevelopmentservicesdivision, whichseekstopartner
withcondodeveloperstoprovide financingtothe unitbuyers.
BrownsaidleavingChase — where he workedfortwoyears— forPreferredTrustwasn’tatough
daily business review article
Monday,August 02, 2010
8:08 AM
Daily Business Review Feature Story August 2nd 2010 Page 1

12. BrownsaidleavingChase — where he workedfortwoyears— forPreferredTrustwasn’tatough
decision.
“Now we canbe more entrepreneurial”he said, sittinginthe conference roomof hisnew office three
floorsabove Commercial BoulevardinFortLauderdale.“We have the abilitytoadaptandchange with
the market,whichisveryfluid.”
Eventhoughhisnew employerisastart-up, Brownsaidthe companyisgrowingbecause ithasfew
competitors. The challenge the companyfacesisfindingenoughqualifiedloanoriginatorstoexpandthe
company.ToBrownand Rosenblatt, beingpartof a large financial institutionhaslostitsappeal.
“Inthe past,workingfora large institutional lenderhadavalue,”Rosenblattsaid.“Inthismarket,that
name doesn’tholdmuchcredence anymore.Itisnotasrelevantasitusedto be.”
Formostof 2009, workingat Chase was a struggle, theysaid. Theywere constantlyrunningintowalls
erectedbyloanprocessorsandunderwriters, Brownsaid. “Mortgage productsdisappearedandnew
guidelineswere hurtingthe businessthatwascomingin,”Rosenblattrecalled. “Underwritingissortof
aninterpretingbusiness, andwithpessimism”onthe rise, bankswere quicktosaynoto new loans.
Chase, like mostfinancialinstitutions,wasfacingagrowingnumberof delinquentloansanddidn’tknow
how tostop the bleeding, soitpanicked, Rosenblattsaid.
“Itwas absolute fear, anditwasfrom the topdown,”he added. “The damage wasdone. Andwhenyou
have fearwithoutanykindof mechanismtocontrol it, the fearbecomesirrational. That’swhatwe saw.”
The pairhad anotherreasontoleave Chase. Inthe recession, JPMorganChase shutdownitsretail
mortgage originationofficesandmovedloanofficerslike BrownandRosenblattintobankbranchesto
targetbankcustomers. Mortgagesbecame justanotherproductwhenbefore theyhadbeenaprofitable
stand-alone business.
ToBrownthe change wasunacceptable. He haddevelopedaclientportfoliooverthe yearsbasedon
relationshipswithSouthFloridadevelopers, buildersandreal estate investorsandwasn’twillingtolet
thatgo.
“I don’tneeda bankor a largerinstitutionfeedingme business,”Brownsaid. “I alwaysdeveloped
business. The bankbranchloanofficermodel didn’tfitforme.”
Sowhenhe decideditwastime tomake a move, he was ready— and he’shappyhe didso.
“We are operatinginaspace rightnow where there isn’treallyanycompetition,”Brownsaid.“With
lenders, itisverymuchaherdmentality. Whentheyare excitedaboutanareaor a sector, theyall seem
tomove inthat direction. Butwhentheyare lessexcited, theystarttomove inthe otherdirection.”
PreferredTrustprovidesloanstobuyersof condosat1800 Cluband the OperaTower, bothnorth of
downtownMiami, andThe Lexi inNorthVillage.Otherprojectsinclude LatitudeDelrayBeachandTerra
Beachside VillasinMiami Beach, Rosenblattsaid.
“Ourchallenge isoriginatingloansthathave liquiditytothem, thatthere isanappetite fortheminthe
secondarymarket,”he said. “Sofar, we have beenfortunate.
Daily Business Review Feature Story August 2nd 2010 Page 2

14. Robert M. Smither, Jr. C.F.O.
The Adler Group1400 N.W. 107th
Avenue • Miami, Florida 33172 • Phone: (305) 392-4025
January 15, 2010
Gentlemen,
I was the Chief Financial Officer for Boca Developers during the three years
ending in August 2008. Boca Developers was, at the time, one of the largest
condominium developers in the southeast United States.
With 1200 units being delivered during a twelve month period, it was
imperative that we align ourselves with a mortgage lender that had the capacity and
expertise to close a substantial volume of loans in a short period of time. After an
exhaustive search of the top mortgage bankers in the industry, we selected Jeffrey
Brown, who at the time was employed by JP Morgan Chase.
Mr. Brown and his team worked closely with the executives of Boca
Developers as well as the salespeople from each of our 6 projects throughout the
State of Florida and became a trusted advisor and friend to all. Having been in the
real estate industry for more than 15 years and having worked with hundreds of
individuals in this industry, I can say without any hesitancy that his market
knowledge and expertise within his field are second to none. In each of the projects
he managed, he closed the vast majority of all loans and when other major banks
failed to deliver commitments, he was able to perform and obtain the financing. In
one instance at our Marina Grande Holly Hill project, he literally took a file on a
Friday afternoon and closed it by the end of the day on Monday. I was astounded,
having never seen execution like this ever before.
Even as Chase and the other banks began to redline condo projects
throughout the State, he made sure that the previous commitments issued on files
closed without hesitancy. He is not just an expert in his field, but also a necessary
dogged in his efforts for his clients. Chase as well as the other major lenders stopped
new construction condo lending in the State and as a result, Mr. Brown recently
accepted position with a correspondent lender. Upon seeing the notice, I
immediately contacted him and we have again, opened dialogue. I am not certain
when we will need his services, but am 100% certain that when we need end loans,
either for our business or the partners of the firm, we will absolutely engage him. In
the meantime, we continue to seek to his expertise on market conditions and
general real estate questions.
I am pleased to say that he is among the very best in the industry and a
valuable asset for any partnership.
Sincerely